Central Banking

Nigeria could ditch polymer banknotes after six-year pilot


The Central Bank of Nigeria may phase out its polymer banknotes after a disappointing six-year 'pilot run' that could see the country return to all-paper banknotes as early as next year.

The central bank began printing the lowest four denominations of its banknote series - 5, 10, 20 and 50 naira – on polymer in February 2007. A spokesperson said that, relative to paper, the central bank "just has not had a good experience with polymer" to date.

He cited the higher cost of production and issues

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